Four investment banks have appointed new country heads or investment banking heads of Russia since the start of the year, while several more have strengthened their teams in the country, as banks prepare to compete for lucrative advisory and underwriting roles from the Russian government’s proposed $30bn (€23bn) privatisation plan.

UBS, JP Morgan, Morgan Stanley and Royal Bank of Scotland have all hired new country heads or appointed new heads of investment banking in Moscow since January, partly in preparation for the increasing liberalisation of the Russian capital markets.